Barclays Bank Tanzania Head of Marketing and Corporate Relations, Aron Luhanga (right), shakes hands with Hyatt Regency Dar es Salaam Operations Director, Timothy Mlay during the official opening of BBT second forex bureau in Dar es Salaam yesterday. In the picture from left are BBT City Mall Branch Manager, Winford Mwang’onda, bank’s Head of Global Markets, Esther Maruma and BBT Head of Retail Banking, Oscar Mwamfwagasi.
By Our Reporter
The drive to heed Bank of Tanzania
call for banks to take the initiative and expand forex services has
continued to gain momentum, with Barclays Tanzania Bank opening up a forex shop
at Dar’s busy CBD to fill the supply deficit created when tens of bureaus
lost licenses over failure to follow laws.
Speaking at the launch at Hyatt
Regency hotel yesterday, Barclays Tanzania Head of Global Markets, Esther
Maruma said; This strategy direction was taken to support cash trading
requirements of the public. We have more than six currencies available for
trading immediately.”
Ms Maruma, who said the
expansion is part of Barclays foreign exchange retail proposition, added
that the bank was evaluating other strategic locations, including ports of
entry and other regions outside Dar to ensure the network grows even further
and deliver forex services closer to consumers.
The bank’s Head of Retail Banking,
Oscar Mwamfwagasi, said as a business strategy, the bank had to review and
improve its forex Board Rate pricing, in order to make services affordable
across the clientele base trading in cash, online and through the bank’s
footprint.
The forex services, which is an
extension of our forex portfolio, gives us opportunity to serve clients beyond
the regular working hours, he noted.
However, he said the bank will
continue to offer the foreign exchange services in accordance with regulations
laid down by The Bank of Tanzania.
The bureau, which will be open seven a week covering weekends and holidays, is the second in the Barclays ambitious forex services provision expansion, having opened up the first one in April.
The bureau, which will be open seven a week covering weekends and holidays, is the second in the Barclays ambitious forex services provision expansion, having opened up the first one in April.
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